Research on the Shanghai-Hong Kong Stock Connect mechanism and corporate capital structure:Empirical evedence based on the model of DID

摘要

The influence of stock market liberalization on the capital structure of listed companies has been a hot topic. From the perspective of the capital structure of companies, this paper conducts an in-depth study on the influence of Shanghai-Hong Kong Stock Connect policy on the capital structure by using the difference-in-differences model. The study found that: The policy reduced the capital structure of listed companies and the policy has an impact on the capital structure by reducing the first category of agency costs.